Certificate of Completion from IIFT (accredited as an “A” Grade Institute by NAAC & ranked 9thamongst management institutes).
IIFT has, over the years, undertaken path-breaking research studies with organizations like WTO, World Bank, UNCTAD and the Ministry of Commerce $amp; Industry, GoI.
The Institute has also trained more than 40,000 business professionals across 30 countries in various facets of international business and trade policy via its Management Development Programs.
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There are three differentbusiness-levelstrategies: Cost leadership, Differentiation, and Integrated cost leadership and differentiation. Geographic expansion into new countries can affect profitability through economies of scale, economies ofscope, or reduction in costs resulting from less costly inputs.
3 basic benefits to a company using an international strategy. These benefits are :
Larger Market Access
Economies of scale with additional learning opportunities
Strategic and lower cost location advantages such as labour and energy.
1. Find the right market.
Find and choose theinternational marketbest suited to your type of business. You will have to analyse and evaluate your product or service demand in different international markets. Choosing the right destination according to your business type is the first step of strategic international business planning.
2.Understand your competitors.
Know your competitors in your chosen international market. If the competition is really tough, it is better to choose a location witha smaller competitor presence, even if the demand for your product is lower in this location. You can more easily gain higher market share with less competition.
3. Identify growth opportunities.
Identifying growth opportunities is an important part of strategic planning in international business. Growth strategies are meant to grow businesses by either finding new markets in previously unexplored parts of the world or evaluating new methods to increase market share and profits in existing international markets. Expect to define your growth strategy or strategies during strategic planning.
4. Develop a local plan.
International business differs from local business in that you may need to deal with markets in various countries in different parts of the world. Different strategies may be required for each location due to variation in political, legal, or economic climates of the different areas. Be prepared to adopt different plans for different markets depending on specific market requirements.
5. Find strategic partners.
If you are considering international business expansion, you will require different strategies for different markets. In this case, it is difficult for a single entity to smoothly execute expansion. Consider finding a strategic partner, one aware of market trends in the regions where you are expanding, to assist you with your expansion.
6. Stay flexible to changing needs.
Economic or political circumstances in any market may not remain unchanged for long. You must constantly analyse your market’s situation so that strategy and planningrespond to changesin market circumstances to maintain continuous growth of your international business.
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